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Lane Kiffin

$500k Housing Mystery

After USC Firing

10/1/2013 12:50 AM PDT BY TMZ STAFF
EXCLUSIVE

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USC didn't just take Lane Kiffin's dignity, the university might also be in a position to take his house ... TMZ has learned. 

We broke the story ... after Lane accepted the head coaching job at the University of Southern California in 2010, the school agreed to loan him $500k to use toward the purchase of a $5.5 million mansion in Manhattan Beach, CA. 

But there was a catch ... under the terms of the deal, if Lane got fired or quit during the life of the loan, USC could demand the $500k back, plus interest STAT ... and if he didn't pay up, SC could foreclose.

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SC didn't disclose the length of the $500k note in official records ... and it's unclear if it's been forgiven. 

However, these types of deals are usually made by an employer to keep an employee from bolting for greener pastures (like Lane's been known to do)  ... and it's common for the term of the loan to be AT LEAST as long as the employment contract. 

So, the question ... did Kiffin outlive the term of his $500k loan from SC, or is he still on the hook for the money? 

We reached out to both SC and Kiffin for comment -- so far, no word back from anyone.

For more sports stories, check out tmzsports.com!
16 COMMENTS

No Avatar

1.

NOT ELMO    

USC could demand the $5OO,OOO.OO back, plus interest STAT...and if he didn't pay up, SC could ForeClose..........................I DON'T FEEL SORRY FOR HIM IF THEY TAKE HIS $5.5 MILLION MANSION.

356 days ago
2.

gorillaG    

Not so strange that a guy who can't run a team would be able to run his finances ( crazy is crazy)

356 days ago
3.

James420    

What bank have him a loan for that house with that kind of contract?

356 days ago
4.

Azi    

Not only is that house is too small to be a mansion, not to mention, I have never seen a mansion in Manhattan beach.

356 days ago
5.

JPOP68    

Of course by my math, USC owes Kiffin for 2 and a half more seasons which amounts to about $10 million. I'm sure he can deduct the 500K from that.

356 days ago
6.

Truth    

Kiffin is a s***bag, BUT, whatever his contract is, USC could be paying him for years to come. A contract is a contract. He could be at the end of his contract I don't know. They still have to pay. So, don't get too happy yet.

356 days ago
7.

Jamey Hunter    

Don't know who this guy is, but what exactly did he do to merit a 5 million dollar house?

356 days ago
8.

C.A.    

when does USC hafta cough up the 4 million towards next years salary? i'm sure he'll have the pocket change by then.

356 days ago
9.

Clytemnestra    

Still no comment because both parties think it's none of tour GD business. They're right.

356 days ago
10.

melinda    

He left the Vols like a thief in the night...Karma can be a beautiful thing.

356 days ago
11.

Smedley Butler    

Clueless fraud but the best coach UCLA ever had.

353 days ago
12.

Jull    

Why should we bother ourselves with such questions, there were stakes are high we have little influence, they will arrange between themselves. My personal loan on the web gives me much more trouble than Kiffin's.

308 days ago

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